The Hindu Business Line : Saturday, November 17, 2007

EDITORIAL
Reality check
High GDP growth having been largely consumer-demand driven, restrictions on spending will impact industry and check the pace of growth. More

ECONOMY
Welfare or waste-fare
The circumstances under which countries switched over to the ideology of ‘welfare state’ from that of ‘laissez-faire’ in the post World War II era are noteworthy. To appreciate this transition, one has to ... More

TAXATION
Undisclosed income of educational institutions
In the Raunaq Education Foundation case, the Delhi High Court dismissed the Department’s appeal and upheld the claim for exemption even in respect of the undisclosed income. More

Taxation of gains from transfer of capital assets
The concept of levy of tax on transfer of beneficial ownership in a cross-border transfer is not provided for in the current tax legislation. More

Real estate service tax lacks clarity
The latest Master Circular No. 96/7/2007-ST dated August 23, 2007, issued by the Tax Research Unit (TRU), clarifying technical issues related to service tax, has compounded the confusion in respect of the extent of applicability of service tax ... More

Contingent and committed liabilities
Although the quantification may be postponed to a future date, as long as the event is a certainty, the claim for deduction cannot be denied. However, where the liability itself is not certain, such liabilities, contingent in character, cannot be the subject matter of deduction. More

CRR & BANK RATES
Credit Policy: Orwellian logic at work?
Inflation is the result of synchronised currency debasement by central bankers the world over. The markets understand this better and have been sending the right message through rising gold prices, particularly during the last few years. The RBI woul d do well to read the signals and take appropriate measures, says SHANMUGANATHAN N More

INTERVIEW
Is tech-driven compliance lending fizz to taxes?
Most indirect tax statutes are amenable to being embedded in automated processes, though the manual element can never be eliminated completely. More

LETTERS
SEZ status for tourism
The Government must consider according SEZ Status to tourism and related sectors, to enable the setting up of the tourism infrastructure urgently required. According to studies, nearly 3,00,000 hotel rooms are required in the next five ... More

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